Ans: D) all of the above are true.
The nominal GDP of the U.S. in 2016 was approximately $18.6 trillion. This means that
A) the value of output in 2016 was around $18.6 trillion.
B) total income in 2016 was around $18.6 trillion.
C) total spending in 2016 was around $18.6 trillion.
D) all of the above are true.
Economics
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Economists who believe in activist policy making argue that
A) only planned changes in the money supply impact the economy. B) only increases in the minimum wage levels improve economic well-being. C) decreases in aggregate demand definitely impact the economy in the short run. D) decreases in aggregate demand impact the economy only in the short run.
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The chain-weighted output index method of calculating real GDP compares
A) compares the quantities of goods produced in consecutive years using prices in both years and averaging the percentage changes in the value of output. B) quantities produced in different years using prices from a year chosen as a reference period. C) quantities produced in different years with the prices that prevailed during the year in which the output was produced. D) prices at different points in time using a sample of goods that is representative of goods purchased by households.
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The use of an absorption instrument allows a government to
A) increase or decrease national absorption. B) change the balance between imports and exports. C) alter the balance of payments with a specific country. D) reduce the influence of domestic absorption on exchange rates.
Economics
The financial situation at Starbucks in the late 2000s illustrates the fact that maintaining long-run profits in a monopolistically competitive market is
A. very difficult. B. impossible. C. almost always guaranteed. D. fairly easy.
Economics